Bitcoin price broke the 42800$ support, bounced from next support around 41500$-41700$ and retested the 42800$ price level as a resistance forming a double top pattern which target is around 40200$ (Fib 0.382 retracement & Fib 78.60% extension).
If the price bounce from that target and going back above the lower line of the local ascending channel it can be a bear trap and a potential rally to a new local high at next resistance around 46950$.
If not, this is a break of the local uptrend and we can fall till the global Fib 0.786 retracement level at around 37770$ or to the local highest node at around 36950$.
This can be a retest of the trend line of the global descending channel that we broke on Feb 4th. If we don't bounce there, the falling can continue to previous low and even more till 29k$ big support.
Tomorrow the SEC will have a closed board meeting about rates. They can decide to raise rates quicker than expected.
The grayscale ETF review is pushed off by at least 21 days more.
If the price bounce from that target and going back above the lower line of the local ascending channel it can be a bear trap and a potential rally to a new local high at next resistance around 46950$.
If not, this is a break of the local uptrend and we can fall till the global Fib 0.786 retracement level at around 37770$ or to the local highest node at around 36950$.
This can be a retest of the trend line of the global descending channel that we broke on Feb 4th. If we don't bounce there, the falling can continue to previous low and even more till 29k$ big support.
Tomorrow the SEC will have a closed board meeting about rates. They can decide to raise rates quicker than expected.
The grayscale ETF review is pushed off by at least 21 days more.
Comment:
The channel is better like that:
